Supported currencies

29. 02. 2024

What currencies does the system support?

Any currency customers need is available. More than that – SDK.finance supports the accounting of any type of assets, both monetary and non-monetary. Several examples:

Fiat currencies: USD, EUR, etc.
Cryptocurrencies: Bitcoin, Ethereum, etc.
Custom units of value: Loyalty points, service credits, bonus points, etc.

SDK.finance customers can create and configure any currencies needed for their specific use case, without limits to their type or number.

How to create a currency?

In the SDK.finance Platform, a currency represents a unit of measurement for assets. The currency creation process involves configuring it via the back office interface and defining specific attributes, including:

Unique ID: generated automatically by the system.
Currency Code: user-defined or ISO code for standard currencies.
Digital Code: similar to Currency Code, allows flexibility.
Name: user-friendly name for the currency (e.g., US Dollar).
Symbol: currency symbol ($, €, etc.).
Fraction: number of fractional units per base unit (e.g., 100 cents per dollar).
Active Status: enables or disables operations for wallets using this currency.
SN Prefix: optional prefix for wallet serial numbers.

Currency-wallet relationship

In the SDK.finance ecosystem, a wallet functions as a container for storing abstract value.

Each wallet is linked to a particular currency at the time of its creation, meaning a wallet can only be associated with one currency. This design allows for a clear and manageable relationship between wallets and the currencies they hold.

Important note. While wallets reflect monetary values, actual funds remain secure in the customer’s business bank account. SDK.finance acts as an intermediary, representing these funds and recording transactions in a secure ledger.